On February 21, 2023, vice Chancellor Lori W. Will of the Delaware Court of Chancery granted the petition of Lordstown Motors Corporation (the “Company”) under Section 205 of the Delaware General Corporation Law (“DGCL”) to validate and declare effective the Company's certificate of incorporation as amended in connection with a “de-SPAC” merger more than two years ago.  In Re Lordstown Motors Corp., C.A. 2023-0083-LWW (Del. Ch. Feb. 21, 2023).  In advance of the merger, the Company—then a special purpose acquisition company (“SPAC”)—adopted the amendment to increase the number of authorized Class A common shares, which were subsequently issued in connection with the merger…
Source: Delaware Court Of Chancery Validates SPAC Charter Amendment Called Into Question By A Recent Decision